Trends in Higher Education Series. Trends in College Pricing

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1 Trends in Higher Education Series Trends in College Pricing 2006

2 Introduction This report, based on the College Board s Annual Survey of Colleges, provides up-to-date information on tuition and other expenses associated with attending public and private nonprofit institutions of postsecondary education in the United States. The Annual Survey is distributed to more than 3,000 postsecondary institutions across the country, collecting a wealth of data on enrollment, admissions, degrees and majors, tuition, financial aid, and other aspects of undergraduate education. Each fall the College Board releases the survey results on how much colleges and universities are charging undergraduate students in the new academic year. Simultaneously we release information from a counterpart survey conducted by the College Board, Trends in Student Aid. Taken together, the companion reports, Trends in College Pricing and Trends in Student Aid, tell much about the financing of postsecondary educational opportunity in America. One provides the latest information on college charges. The other tracks the amount of financial assistance available to help pay these bills. In 2004, the Trends reports were accompanied by a third publication, Education Pays 2004: The Benefits of Higher Education for Individuals and Society. This year we are issuing a second brief supplement to that report, providing additional information on the economic and social benefits of higher education, as we did last year. We also continue to focus on the distribution of these benefits by examining both the progress and the persistent gaps in participation in postsecondary education. Both PDF copies of the publications and PowerPoint files containing individual slides for all of the tables and graphs are available on the College Board s Web site (www.collegeboard.com/trends). Please feel free to use these slides with proper attribution. Excel files containing historical data and some of the data underlying the graphs included in the reports are also available online. Scope of the Report Trends in College Pricing includes information on: Changes in tuition and fees, room and board, and other costs of attending college both this year and over time The distribution of students across colleges charging different prices Variation in college charges across states and regions of the U.S. The net price of college after considering grant aid and tax benefits Patterns of participation in higher education including types of institutions attended, part-time, full-time and multiple institution enrollment, degree completion, remedial courses, and patterns of migration across state lines Changes over time in state and local appropriations and in the prices of goods and services purchased by colleges and universities This edition of Trends in College Pricing presents detailed data on two-year and four-year public and four-year private nonprofit institutions for the academic year. Similar information about the growing for-profit sector of postsecondary education, which enrolls about 7 percent of all undergraduate students, is not available. The information on prices contained in this report provides a reliable and up-to-date overview of the tuition, fees, room, and board, and other expenses associated with college enrollment in the United States. The meaning of the numbers contained in Trends can be more accurately interpreted with some basic background about the increasingly complex world of college prices and enrollment patterns. Published Prices Versus Net Prices Most of the graphs and charts in Trends in College Pricing focus on published prices for full-time undergraduates. However, 62 percent of undergraduates enrolled full-time receive grant aid from federal or state government, from the institutions in which they are enrolled, and/or from employers or other private sources. Millions of students and families also take advantage of federal tax credits and deductions for higher education. All of these sources of student aid reduce the price that students actually pay for college. As Figures 8 and 9 make clear, the net prices of college are, on average, significantly lower than the published prices highlighted in Table 1 and detailed throughout this report. While net price is the best measure of affordability, many students do pay the published prices and many more students and their parents believe they will have to pay the published prices because they are unaware of the sources and quantities of student aid available. Moreover, the average net price conceals the impact of changes in the distribution of grants and other subsidies to students. Within institutions, students with different financial resources, family composition, academic qualifications, or other characteristics may pay different net prices. In addition, similar students are eligible for very different amounts of grant aid at different institutions. Enrollment Patterns The tuition, fees, and other charges reported in Trends apply to full-time undergraduate students. Almost 40 percent of all undergraduates and about 60 percent of those attending public two-year colleges are enrolled part-time. Because of the variety of enrollment and pricing patterns, it is not possible to provide estimates of the charges facing these students that would be as accurate as the information we provide about full-time students. Data on full-time charges provide the best basis for comparison both over time and across sectors. Many institutions charge different prices depending on year or program of study, even for full-time students. The prices included in Trends represent best estimates of average prices for all full-time undergraduate students. Another important aspect of estimating the price of a college education is that many students take longer than two years to earn an associate degree or longer than four years to earn a bachelor s degree. Average time to degree at four-year colleges and universities is reported in Figure 11a. An accurate comparison of the price of one institution or type of institution to another involves incorporating the expected time to degree in addition to the annual price of attendance. The prices we report are prices for one academic year. Tuition and Fees Versus Total Charges Some of the graphs and tables in the report focus only on tuition and fee charges, but we also report room and board charges for residential students, living costs for commuter students, and other components of student budgets. Because tuition and fees are set by either institutions or state government bodies and are relevant for all enrolled students, they are the best overall indicator of the price of college. However, whether they live on or off campus, all students must also pay for housing and food, buy books and supplies, and cover transportation and other basic living costs. While some Trends in Higher Education Series

3 students are able to live with family and not all of these costs are attributable to attending school, they pose a significant hurdle to many students. Even those who receive grant aid sufficient to cover tuition and fee charges may struggle to cover living expenses. It is not so much the prices charged by institutions that create the burden for these students, but the very real costs they incur to support themselves and their families while they are in school. It is also important to remember that for many students, the largest component of the cost of being a student is actually foregone earnings, which are not addressed in this report. How Much Does It Really Cost to Go to College? All of the issues discussed above make any one answer to the question of how much students pay for college a misrepresentation for most individual students. Some students must struggle with family obligations, work commitments, and inadequate academic preparation, all of which are likely to extend the number of years they will have to pay tuition costs. Others receive generous assistance from families, government, institutions, and employers and can pursue their education with minimal financial strain. In assessing the role of college prices in determining educational opportunities, it is important to keep in mind the variety of types of institutions available and the wide range in prices, the significant difference between published prices and net prices faced by many students, and the different living situations affecting students. While the annual prices on which we focus in this report do make a significant difference in students lives, longer-term trends are most important. Comparing price changes from one year to the next or across types of institutions in any one year is not always meaningful. It is also important to keep in mind that larger percentage increases in price do not necessarily correspond to larger dollar increases when very different prices are being compared. While the information reported here provides a best approximation of trends in college charges over time, we would caution readers about placing too much reliance on either precise dollar amounts or precise annual percentage changes. Each year we revise the average prices calculated the previous year to account for corrected data we receive from institutions, to assure that this year s average is compared to the average last year for exactly the same set of schools, and to provide an enrollment-weighted average based on the most recent available data on the number of full-time students attending each institution. Details relating to this methodology and to other technical issues and data reliability can be found at the end of the report, in the Notes and Sources section. We welcome reader comments and suggestions on these Trends reports. Visit the College Board on the Web at for an electronic version of this document and its counterpart, Trends in Student Aid Acknowledgments This report was authored by College Board Senior Policy Analyst Sandy Baum and consultant Kathleen Payea with immeasurable assistance from consultants David Brodigan and Patricia Steele. The report would not have been possible without the cooperation and work of the following individuals at the College Board: Stan Bernstein, Catherine Serico, and the Annual Survey of Colleges staff in Guidance Publishing; Tom Rudin, Sally Mitchell, and Micah Haskell-Hoehl in the Washington Office; Joel Goldman, Kathleen Little, and Anne Sturtevant of the Enrollment division; Erin Thomas, Caitlin McClure, Anne Sussman, Joe Brown, and the staff of the Creative Services division; and Sandra Riley of the Public Affairs division. We are also grateful for the contributions of other organizations and researchers who provided valuable advice and contributed to our data collection efforts. Figure 1: Distribution of Full-Time Undergraduates at Institutions by Published Tuition and Fee Charges, $33,000 and over $30,000 to $32,999 $27,000 to $29,999 $24,000 to $26,999 $21,000 to $23,999 $18,000 to $20,999 $15,000 to $17,999 $12,000 to $14,999 $9,000 to $11,999 $6,000 to $8,999 $3,000 to $5,999 Under $3,000 2% 2% 2% 3% 3% 4% 4% 5% 5% 6% 23% 0% 10% 20% 30% 40% 50% Percentage of Full-Time Undergraduates Note: Only in-state tuition and fees are included for students enrolled in out-of-state public institutions. These students also pay a nonresident fee, as reported in Table 2. The distribution of students across institutions is based on the latest available enrollment data, which are for Source: Annual Survey of Colleges, The College Board, New York, NY. 40% The median level of published tuition and fees for full-time undergraduates enrolled in four-year colleges and universities in is $7,300. (The median is not marked in Figure 1, but is included in the $6,000 to $8,999 range.) Trends in College Pricing 2006

4 Executive Summary The question of college affordability is too complex to be captured by simple information about tuition and fee increases. The data on prices included in this report must be considered in the context of family incomes, available student aid, the earnings of college graduates, state and federal budgetary constraints, college and university finances, and the wide range of both educational opportunities and barriers to opportunity facing students. The data in this report confirm the widespread perception that college prices are rising much more rapidly than the prices of other goods and services. Like last year s increases, the increases in tuition and fees are smaller than those of many recent years. That said, the 35 percent jump in inflation-adjusted average tuition and fees for in-state students at public four-year colleges since is the largest for any five-year period over the 30 years covered by this report. While the percentage price increases in private four-year institutions have been smaller and are not at record highs, the dollar increases far exceed those in the public sector. In public two-year colleges, both the level of tuition and fees and the rate of growth are smaller. For many students in this sector, it is the additional costs associated with college attendance and the foregone earnings that present the greatest financial barriers. The average prices and price increases reported in Trends in College Pricing are important, but the variation across states, regions, sectors of higher education, and institutions within those sectors means most for individual students and the opportunities available to them. Moreover, it is the net price after considering the subsidies available from federal and state governments, colleges and universities, and private sources that matters most for affordability. This report provides details on these issues, as well as some insights into the revenues and expenditures of colleges and universities and the changing enrollment patterns of college students. The brief text accompanying the charts and graphs on the following pages provides highlights of the extensive data reported here. Key facts include: Tuition, Fees, Room, and Board Tuition and fees constitute about two-thirds of the total budget for students enrolled in private four-year colleges but are just over a third of the total budget for in-state students in four-year public colleges and less than 20 percent of the total budget for two-year public college students. Average total tuition and fees at four-year public colleges and universities in are $5,836, $344 (6.3 percent) higher than they were in Average total charges, including tuition, fees, room, and board, are $12,796. Average total tuition and fees at two-year public colleges in are $2,272, $90 (4.1 percent) higher than they were in Average total tuition and fees at four-year private colleges and universities in are $22,218, $1,238 (5.9 percent) higher than they were in Average total charges, including tuition, fees, room, and board are $30,367. Variation in Tuition and Fees Average charges do not describe the circumstances of most college students. In addition to the fact that, as described below, many students pay less than the published price, there is considerable variation across institutions, even within sectors. Forty-two percent of full-time undergraduates in public or private four-year colleges and universities are enrolled in institutions with published tuition and fee charges of less than $6,000 and 13 percent are enrolled in institutions with published tuition and fee charges of $24,000 or higher. In-state public four-year tuition and fees range from an average of $4,646 in the West to an average of $7,658 in New England. The lowest price colleges are two-year public colleges in the West, with average tuition and fees of $1,309; the highest price colleges are four-year private colleges in New England, with average tuition and fees of $28,386. Twenty-two percent of full-time in-state students enrolled in public four-year colleges and universities faced increases in tuition and fees of less than 3 percent in , while 20 percent faced increases of 9 percent or more. What Students Actually Pay The net price of college is defined as the published price less the average grant aid and tax benefits students receive. On average, full-time students receive about $9,000 of aid per year in the form of grants and tax benefits in private four-year institutions, $3,100 in public four-year institutions, and $2,200 in public two-year colleges. Net price in public four-year colleges fell in inflation-adjusted dollars between and , but has risen rapidly since. Enrollment Patterns A quarter of all college students are enrolled part-time in two-year public colleges. The proportion of students enrolled in for-profit institutions is increasing. Over one-third of first- and second-year college students have taken remedial courses. Students take an average of 6.2 years to earn bachelor s degrees in public colleges and 5.3 years to earn bachelor s degrees in private colleges. Institutional Finances Reductions in revenue from sources other than tuition, particularly state and local appropriations in the public sector, are associated with rapidly rising public college tuition levels in recent years. Private university faculty earn significantly higher salaries than public university faculty and the gap is growing. Health benefits and particularly utilities have increased in price more rapidly in recent years than the prices of other goods and services purchased by colleges and universities. Many other factors not analyzed in this report also contribute to rising college prices. Trends in Higher Education Series

5 Increases in Tuition, Fees, Room, and Board Table 1: Average Published Charges for Undergraduates, (Enrollment-Weighted) Sector Tuition and Fees Room and Board Total Charges $ Change % Change $ Change % Change $ Change Two-Year Public $2,272 $2,182 $90 4.1% * * * * * * * * % Change Public $5,836 $5,492 $ % $6,960 $6,623 $ % $12,796 $12,115 $ % Private $22,218 $20,980 $1, % $8,149 $7,763 $ % $30,367 $28,743 $1, % *Sample too small to provide meaningful information. Note: Four-year public tuition and fee levels are based on in-state charges only. Prices reported for have been revised and may differ from those reported in Trends in College Pricing Source: Annual Survey of Colleges, The College Board, New York, NY. Both and tuition and fees are weighted by the number of full-time students enrolled at each institution in Room and board charges are weighted by the number of students residing on campus. Changes in average enrollment-weighted charges reflect only price changes, not any changes in enrollment patterns that may have occurred. Average published tuition and fees in are $5,836 at public four-year colleges and universities, $2,272 at public two-year colleges, and $22,218 at private nonprofit four-year colleges and universities. The published prices reported in Table 1 are best estimates of the average prices charged to full-time undergraduates. Pricing patterns are increasingly complex as more institutions in both the public and private sectors have begun to post different prices for different groups of students. Some colleges and universities, for example, charge firstyear students a higher price than continuing students, promising students that they will be charged the same price for four years. Many institutions also charge prices that vary by program of study. Table 1 shows average prices by sector. The average published tuition and fee level for all full-time undergraduate students is $8,810; the average published tuition and fee level for all full-time undergraduates enrolled in four-year colleges and universities is $10,480. Also important: Table 1 does not include information on the growing for-profit sector of postsecondary education. In , about 7 percent of all students and 9 percent of full-time undergraduates were enrolled in this sector, up from 2 percent a decade earlier. (National Center for Education Statistics [NCES] analysis of the Integrated Postsecondary Education Data System [IPEDS], 2006; calculations by authors) Average published tuition and fee charges for full-time undergraduates enrolled in for-profit colleges in are $11,925. (Annual Survey of Colleges, The College Board) The published prices cited here are not representative of the amounts students actually pay. Almost two-thirds of undergraduate students enrolled full-time receive grants that reduce the actual price of college. Many students also receive tax credits, tax deductions, subsidized loans, and work assistance. See Figures 8 and 9 for estimates of net prices paid by students and Trends in Student Aid 2006 for details about student aid. The amount of time it takes to earn a degree has a significant impact on the total price of college. Extra terms of enrollment add to the total tuition and fees paid. In addition, longer periods out of the labor force involve significant costs to students in terms of foregone earnings. As reported in Figure 11a, it takes students an average of more than six years in public four-year colleges and more than five years in private four-year colleges to earn a bachelor s degree. Tuition and fees at two-year public colleges in California, where 22 percent of the nation s two-year public college students are enrolled, declined by 12 percent in If California is excluded from the calculation, tuition and fees in this sector increased by 5.1 percent in Trends in College Pricing 2006

6 Total Student Budgets Table 2: Sample Average Undergraduate Budgets, (Enrollment-Weighted) Sector Two-Year Public Public Tuition and Fees Books and Supplies Room and Board Transportation Other Expenses Total** Expenses Resident $2,272 $850 * * * * Commuter $2,272 $850 $6,299 $1,197 $1,676 $12,294 Resident $5,836 $942 $6,960 $880 $1,739 $16,357 Commuter $5,836 $942 $6,917 $1,224 $2,048 $16,967 Out-of-State $15,783 $942 $6,960 $880 $1,739 $26,304 Private Resident $22,218 $935 $8,149 $722 $1,277 $33,301 Commuter $22,218 $935 $7,211 $1,091 $1,630 $33,085 * Sample too small to provide meaningful information. ** Average total expenses include room and board costs for commuter students, which are average estimated living expenses for students living off campus but not with parents. Source: Annual Survey of Colleges, The College Board, New York, NY. Enrollment-weighted tuition and fees are derived by weighting the price charged by each institution in by the number of full-time students enrolled in Room and board charges are weighted by the number of students residing on campus. Out-of-state tuition and fees are weighted by the number of out-of-state students enrolled in each institution. Figure 2: Sample Average Undergraduate Budgets, (Enrollment-Weighted) $35,000 $33,301 Tuition and Fees (Dollars) $30,000 $25,000 $20,000 $15,000 $5,000 $12,294 Two-Year Public Commuter $16,357 Public In-State Resident $26,304 Public Out-of-State Resident Private Resident OTHER EXPENSES TRANSPORTATION ROOM AND BOARD BOOKS AND SUPPLIES TUITION AND FEES While tuition and fees constitute 67 percent of the total budget for full-time students enrolled in four-year private colleges and universities, they constitute only 36 percent of the budget for in-state residential students at public four-year institutions and 18 percent of the budget for two-year public college students commuting from off-campus housing. The differences in the costs of attending different types of institutions are not as great as tuition and fee levels might suggest. Average tuition and fees at public two-year colleges are only 39 percent of average public four-year tuition and fees. But adding the cost of housing and food, the cost of a year at a two-year public college is 67 percent of the cost of a year at a four-year public college. If other education-related expenses are also considered, the average total budget at a two-year public college is 75 percent of the average total budget at a four-year public college. Average out-of-state tuition and fees at public four-year colleges are 71 percent of average private four-year tuition and fees. But adding room and board, the cost of a year for an out-of-state student at a public four-year college is 77 percent of the average tuition, fees, room, and board at a private four-year college. The average total out-of-state budget at four-year public colleges is 79 percent of the average private four-year college budget. Also important: Most student aid funds, including Pell Grants, Stafford Loans, and campus-based aid, can be used to cover all education-related expenses, including books, supplies, transportation, and personal expenses, in addition to tuition, fees, room, and board. However, federal tax credits and deductions are limited to the amount students or families pay for tuition and fees. Trends in Higher Education Series

7 Changes Over Time in Tuition, Fee, Room, and Board Charges Figure 3: Average Published Tuition and Fee Charges, in Constant (2006) Dollars, to (Enrollment-Weighted) Constant (2006) Dollars $25,000 $20,000 $15,000 $5, = $12, = $2, = $1, = $16, = $3, = $1, = $22,218 4-Year Private = $5,836 4-Year Public = $2,272 2-Year Public Figure 4: Average Published Tuition, Fee, Room, and Board (TFRB) Charges at Institutions, in Constant (2006) Dollars, to (Enrollment-Weighted) Constant (2006) Dollars $35,000 $30,000 $25,000 $20,000 $15, = $18, = $23, = $7, = $9, = $30, = $12,796 4-Year Private 4-Year Public $5, Source: Tables 3a, 3b, 4a, and 4b, and data online (collegeboard.com/trends). Published college prices have risen rapidly in all sectors since the early 1980s, even after adjusting for inflation. The rate of increase has been significantly higher for public four-year colleges than for public two-year and private four-year colleges. The average annual inflation-adjusted increase in private four-year college published tuition and fees has been about 3 percent in each of the past three decades. The average annual inflation-adjusted increase in public four-year college published tuition and fees was about 2 percent between and , but has been about 4 percent for the past two decades. The average annual inflation-adjusted increase in public two-year college published tuition and fees was about 2 percent from to , rose to more than 4 percent over the next decade, and returned to about 2 percent in the most recent decade. Average published tuition, fee, room, and board charges at private four-year colleges and universities, $30,367 in , have risen at an average annual rate of 2.6 percent since , after adjusting for inflation. Average published tuition, fee, room, and board charges at public four-year colleges and universities, $12,796 in , have risen at an average annual rate of 2.1 percent since , after adjusting for inflation. Trends in College Pricing 2006

8 Variation in Tuition and Fees Figure 5: Distribution of Full-Time Undergraduates at Public and Private Institutions by Published Tuition and Fee Charges, Year Public 4-Year Private $33,000 and over $33,000 and over 15% $30,000 to $32,999 $27,000 to $29,999 $30,000 to $32,999 $27,000 to $29,999 7% 7% $24,000 to $26,999 $24,000 to $26,999 14% $21,000 to $23,999 $21,000 to $23,999 14% $18,000 to $20,999 $18,000 to $20,999 13% $15,000 to $17,999 $15,000 to $17,999 11% $12,000 to $14,999 1% $12,000 to $14,999 7% $9,000 to $11,999 7% $9,000 to $11,999 4% $6,000 to $8,999 33% $6,000 to $8,999 3% $3,000 to $5,999 56% $3,000 to $5,999 5% Under $3,000 2% Under $3,000 0% 10% 20% 30% 40% 50% 60% 70% Percentage of Full-Time Undergraduates 0% 10% 20% 30% 40% 50% 60% 70% Percentage of Full-Time Undergraduates Note: Only in-state tuition and fees are included for students enrolled in out-of-state public institutions. These students also pay a nonresident fee, as reported in Table 2. The distribution of students across institutions is based on the latest available enrollment data, which are for Percents may not add up to 100 percent due to rounding. Source: Annual Survey of Colleges, The College Board, New York, NY. Figure 1 shows the distribution of full-time undergraduates at all four-year colleges and universities, by tuition and fees charged. These graphics show separate distributions for full-time undergraduates at public and private institutions. Fifty-six percent of full-time students enrolled in public four-year colleges and universities attend institutions that charge published in-state tuition and fees between $3,000 and $6,000. At private colleges, there is a much wider range of tuition and fee charges. As reported in Table 1, the average published tuition and fee charges for full-time undergraduates enrolled in four-year public colleges and universities in their own states are $5,836. Very few institutions charge less than $3,000. About one-third of students in this sector are enrolled in institutions charging between $6,000 and $9,000 and about 8 percent face charges exceeding $9,000. As reported in Table 1, the average published tuition and fee charges for full-time undergraduates enrolled in private four-year colleges are $22,218. Almost 20 percent of students in this sector are enrolled in colleges charging less than $15,000, while 22 percent attend institutions with published tuition and fees of $30,000 or more. Trends in Higher Education Series

9 Variation in Tuition and Fee Increases Figure 6: Distribution of Full-Time Undergraduates at Public and Private Institutions by Percent and Dollar Increase in Published Tuition and Fee Charges, By Percentage Increase By Dollar Increase 21% or more 18 to 20.9% <1% <1% <1% <1% $2,000 or more $1,800 to $1,999 $1,600 to $1,799 7% 8% 16% 15 to 17.9% <1% 1% $1,400 to $1,599 <1% 10% 12 to 14.9% 9 to 11.9% 2% 6% 4% 12% $1,200 to $1,399 $1,000 to $1,199 $800 to $999 <1% <1% 3% 14% 12% 10% 6 to 8.9% 3 to 5.9% Under 3% 7% 22% 30% 28% 37% 50% $600 to $799 $400 to $599 $200 to $399 Under $200 9% 10% 3% 5% 5% 22% 33% 31% 0% 10% 20% 30% 40% 50% 60% Percentage of Full-Time Undergraduates 0% 10% 20% 30% 40% 50% 60% Percentage of Full-Time Undergraduates 4-YEAR PRIVATE 4-YEAR PUBLIC Note: Only in-state tuition and fees are included for students enrolled in out-of-state public institutions. These students also pay a nonresident fee, as reported in Table 2. The distribution of students across institutions is based on the latest available enrollment data, which are for Percents may not add up to 100 percent due to rounding. Source: Annual Survey of Colleges, The College Board, New York, NY. Many institutions reported published tuition and fee increases for considerably higher or lower than the average increases displayed in Table 1. Twenty-two percent of full-time undergraduates enrolled in public four-year institutions attend colleges and universities that increased their tuition by less than 3 percent in Twenty percent attend colleges and universities that increased their tuition by 9 percent or more. The institutions attended by 50 percent of full-time private college students increased published tuition and fees by 3 to 6 percent between and However, about 7 percent of full-time private college students are enrolled in institutions where prices rose less than 3 percent and 7 percent are enrolled in institutions where prices rose 9 percent or more. Although percentage price increases in the private sector vary less than percentage price increases in the public sector, there is a much wider range of dollar increases. Almost two-thirds of public four-year college students are enrolled in institutions that increased published in-state tuition and fees by less than $400 between and , and all but 4 percent faced price increases below $800. Ten percent of private college students are enrolled in institutions that increased published tuition and fees by less than $400, but the median increase was about $1,300 and 15 percent of the full-time students in this sector faced published price increases exceeding $1,800. Trends in College Pricing 2006

10 Tuition and Fee Levels Over Time Table 3a: Average Published Tuition and Fee Charges, Five-Year Intervals, to (Enrollment-Weighted) Academic Year Private Tuition and Fees Current Dollars 5-yr % Chg Public 5-yr % Chg Public Two-Year 5-yr % Chg Tuition and Fees Constant (2006) Dollars Private 5-yr % Chg Public 5-yr % Chg Public Two-Year $2,534 $617 $283 $9,001 $2,192 $1, $4,113 62% $909 47% $434 53% $9,086 1% $2,008-8% $959-5% $6,658 62% $1,414 56% $660 52% $12,375 36% $2,628 31% $1,227 28% $9,812 47% $2,107 49% $1,171 77% $14,646 18% $3,145 20% $1,748 42% $12,994 32% $2,975 41% $1,465 25% $16,843 15% $3,856 23% $1,899 9% $17,377 34% $3,766 27% $1,608 10% $19,962 19% $4,326 12% $1,847-3% $22,218 28% $5,836 55% $2,272 41% $22,218 11% $5,836 35% $2,272 23% 5-yr % Chg Table 3b: Average Annual Published Tuition and Fee Charges, to (Enrollment-Weighted) Academic Year Private Tuition and Fees Current Dollars Annual % Change Public Annual % Change Public Two-Year Annual % Change Tuition and Fees Constant (2006) Dollars Private Annual % Change Public Annual % Change Public Two-Year $12,994 $2,975 $1,465 $16,843 $3,856 $1,899 Annual % Change $13,785 6% $3,111 5% $1,567 7% $17,480 4% $3,945 2% $1,987 5% $14,709 7% $3,247 4% $1,554-1% $18,355 5% $4,052 3% $1,939-2% $15,518 6% $3,362 4% $1,649 6% $18,935 3% $4,102 1% $2,012 4% $16,072 4% $3,508 4% $1,642 0% $18,965 0% $4,139 1% $1,938-4% $17,377 8% $3,766 7% $1,608-2% $19,962 5% $4,326 5% $1,847-5% $18,060 4% $4,098 9% $1,674 4% $20,379 2% $4,624 7% $1,889 2% $18,950 5% $4,645 13% $1,909 14% $20,931 3% $5,131 11% $2,109 12% $20,045 6% $5,126 10% $2,079 9% $21,568 3% $5,516 8% $2,237 6% $20,980 5% $5,492 7% $2,182 5% $21,781 1% $5,702 3% $2,265 1% $22,218 6% $5,836 6% $2,272 4% $22,218 2% $5,836 2% $2,272 0% Source: to : data from Annual Survey of Colleges, The College Board, New York, NY, weighted by full-time undergraduate enrollment; to : data from Integrated Postsecondary Education Data System (IPEDS), NCES, weighted by full-time equivalent enrollment. Current dollar charges reflect each year s actual dollar prices. Constant dollar charges adjust these prices for inflation. Increases in constant dollar prices indicate increases beyond the average increase in consumer prices. Charges for and earlier years are weighted by same year enrollments. Charges for are weighted by enrollments. The 35 percent inflationadjusted increase in public four-year college published tuition and fees between and is higher than any other fiveyear increase from to the present. Average two-year public college published tuition and fee increases fluctuate more than those in the four-year sectors and it is not uncommon for tuition and fees to decline or remain constant in inflation-adjusted dollars from one year to the next. Over the past decade, published tuition and fees at private four-year colleges and universities have risen at an average rate of 5.5 percent per year 2.8 percent per year after inflation. Over the past decade, published tuition and fees at public four-year colleges and universities have risen at an average rate of 7 percent per year 4.2 percent per year after inflation. Over the past decade, published tuition and fees at public two-year colleges have risen at an average rate of 4.5 percent per year 1.8 percent per year after inflation. Also important: Because of the important role of grants and other forms of student aid in reducing the net price of college, published price increases do not necessarily correspond to increases in the amounts the majority of students and families pay. Increases in tuition and fee levels are driven by a variety of factors including changes in funding from other sources such as state and local appropriations or endowments and private giving. The prices paid for the goods and services required for providing education, the patterns of expenditures, and the services offered on college campuses have changed considerably over time. See Figures 14 through 16 for more information on institutional revenues and expenditures. 10 Trends in Higher Education Series

11 Tuition, Fee, Room, and Board Charges Over Time Table 4a: Average Published Tuition, Fee, Room, and Board (TFRB) Charges at Institutions, Five-Year Intervals, to (Enrollment-Weighted) Academic Year Private Total Charges Current Dollars 5-yr % Chg Public 5-yr % Chg Total Charges Constant (2006) Dollars Private 5-yr % Chg Public 5-yr % Chg $3,977 $1,936 $14,127 $6, $6,330 59% $2,870 48% $13,984-1% $6,340-8% $9,852 56% $4,050 41% $18,312 31% $7,528 19% $14,188 44% $5,452 35% $21,178 16% $8,138 8% $18,357 29% $7,142 31% $23,795 12% $9,258 14% $23,856 30% $9,032 26% $27,404 15% $10,375 12% $30,367 27% $12,796 42% $30,367 11% $12,796 23% Table 4b: Average Annual Published Tuition, Fee, Room, and Board Charges, to (Enrollment-Weighted) Academic Year Private Total Charges Current Dollars Annual % Change Public Annual % Change Total Charges Constant (2006) Dollars Private Annual % Change Public Annual % Change $18,357 $7,142 $23,795 $9, $19,360 5% $7,469 5% $24,549 3% $9,471 2% $20,463 6% $7,769 4% $25,535 4% $9,695 2% $21,475 5% $8,080 4% $26,204 3% $9,859 2% $22,240 4% $8,439 4% $26,243 0% $9,958 1% $23,856 7% $9,032 7% $27,404 4% $10,375 4% $24,867 4% $9,672 7% $28,060 2% $10,914 5% $26,057 5% $10,530 9% $28,781 3% $11,631 7% $27,465 5% $11,376 8% $29,552 3% $12,240 5% $28,743 5% $12,115 6% $29,841 1% $12,578 3% $30,367 6% $12,796 6% $30,367 2% $12,796 2% Source: to : data from Annual Survey of Colleges, The College Board, New York, NY, weighted by full-time undergraduate enrollment; to : data from IPEDS, NCES, weighted by full-time equivalent enrollment. Current dollar charges reflect each year s actual dollar prices. Constant dollar charges adjust these prices for inflation. Increases in constant dollar prices indicate increases beyond the average increase in consumer prices. Charges for and earlier years are weighted by same year enrollments. Charges for are weighted by enrollments Total tuition, fee, room, and board charges are more representative of the total price of a year of college than tuition and fees alone. Students who live offcampus incur similar costs. Total published tuition, fee, room, and board charges at public four-year colleges grew twice as fast in inflation-adjusted dollars between and as charges at private four-year colleges. However, the average total charge at private colleges is almost two-and-a-half times as high as the average total charge for state residents at public four-year colleges and universities. Over the past decade, total charges for full-time in-state residential students at public four-year colleges have risen at an average rate of 6.3 percent per year 3.3 percent per year after adjusting for inflation. Over the past decade, total charges for full-time students at private four-year colleges have risen at an average rate of 5.6 percent per year 2.6 percent per year after adjusting for inflation. Also important: In addition to tuition, fees, room, and board, students full cost of attendance includes the books, supplies, transportation, and other living expenses included in the student budgets reported in Table 2 and Figure 2. Forty percent of full-time dependent students enrolled in public four-year colleges and universities live on campus. Another 40 percent live in off-campus housing and about 20 percent live with their parents. Among dependent four-year private college students, 64 percent live on campus, 19 percent live in off-campus housing, and 17 percent live with their parents. (National Postsecondary Student Aid Study, 2004) Trends in College Pricing

12 Regional Variation in Charges In all regions except the South, public four-year tuition and fees grew more rapidly than tuition and fees in other sectors between and In , average tuition and fees at two-year public colleges range from $1,309 in the West to $3,483 in the Middle States region. A decade ago, tuition and fees were lowest in the Southwest, but a 51 percent increase, compared to 12 percent in the West, changed this ranking. The largest percentage increase in tuition and fees at public two-year colleges over the decade was 55 percent in the South. The smallest was 6 percent in the Middle States region, which remains the highest priced. The total average tuition, fee, room, and board charges at public four-year colleges ranges from $15,269 in New England to $10,852 in the South. Despite average tuition and fees of $4,646, lower than any other region, average total tuition, fees, room, and board at four-year public colleges and universities in the West are $13,399 higher than those in the South and Southwest and almost as high as those in the Midwest. The average price of private colleges is highest in the areas of the country where there are more private institutions drawing students from all across the nation and lower in areas where private colleges serve a more regional population. The $38,112 average tuition, fee, room, and board charges at private colleges in New England compare to an average of $24,838 in the Southwest. 12 Trends in Higher Education Series

13 Regional Variation in Charges Figure 7: Tuition, Fee, Room, and Board (TFRB) Charges by College Board Region and Institution Type, in Constant (2006) Dollars, and (Enrollment-Weighted) The bottom segment of each bar represents tuition and fees (TF) in (in constant 2006 dollars) or The top segment of each bar represents the room and board portion of TFRB in or , with the total height of each bar representing TFRB. $16,000 Public Two-Year Colleges Tuition and Fees and TFRB in Constant (2006) Dollars $14,000 $12,000 $8,000 $6,000 $4,000 $2,000 $10,090 $3,277 $3,483 Middle States $9,614 $2,980 $3,363 New England $2,206 $2,831 Midwest $8,166 $7,952 $2,176 $1,400 South $8,578 $7,142 $1,129 $1,702 $1,168 $1,309 Southwest West TF TF TFRB Note: TFRB charges for public two-year colleges are based on room and board expenses for students living off campus and not with parents. Comparable data are not available for Tuition and Fees and TFRB in Constant (2006) Dollars $16,000 $14,000 $12,000 $8,000 $6,000 $4,000 $2,000 $11,730 $5,593 $15,269 $7,658 $9,166 $4,230 $13,474 $7,075 Public Colleges and Universities $14,677 $11,275 $11,507 $7,570 $6,860 $5,462 $5,067 $2,800 $7,901 $3,143 $10,852 $4,739 $9,854 $3,355 $13,399 $4,646 New England Midwest Middle States Southwest South West TF TFRB TF TFRB Private Colleges and Universities $40,000 $38,112 Tuition and Fees and TFRB in Constant (2006) Dollars $35,000 $30,000 $25,000 $20,000 $15,000 $5,000 $30,770 $22,320 $28,386 $26,005 $18,000 $32,544 $23,327 $24,017 $16,713 $30,174 $21,765 $16,423 $27,760 $22,235 $20,651 $20,793 $14,674 $26,567 $19,455 $17,974 $12,514 $24,838 $18,280 New England Middle States West Midwest South Southwest TF TFRB TF TFRB Note: All data adjusted for inflation (constant dollars). The scale on the graphic for private colleges is different from the scale on the public four-year and public two-year graphics. Regions appear in descending order based on tuition and fees in Source: Annual Survey of Colleges, The College Board, New York, NY. These are enrollment-weighted averages, intended to reflect the average costs that full-time undergraduate students face in various types of institutions. Trends in College Pricing

14 Student Budgets by Region Table 5: Average Student Expenses, by College Board Region, (Enrollment-Weighted) National Tuition and Fees Additional Out-of-State Charges* Books and Supplies Room and Board Resident Transportation Other Costs Room and Board** Commuter Transportation 2-yr public $2,272 $4,208 $ $6,299 $1,197 $1,676 4-yr public $5,836 $9,947 $942 $6,960 $880 $1,739 $6,917 $1,224 $2,048 4-yr private $22,218 $935 $8,149 $722 $1,277 $7,211 $1,091 $1,630 New England 2-yr public $3,363 $6,143 $ $6,251 $1,108 $1,600 4-yr public $7,658 $11,128 $848 $7,611 $522 $1,257 $6,495 $923 $1,493 4-yr private $28,386 $896 $9,726 $573 $1,141 $8,132 $871 $1,223 Middle States 2-yr public $3,483 $3,492 $ $6,607 $1,099 $1,516 4-yr public $6,860 $8,314 $938 $7,817 $660 $1,607 $6,946 $989 $2,112 4-yr private $23,327 $905 $9,217 $581 $1,179 $8,064 $1,024 $1,466 South 2-yr public $2,176 $4,835 $ $5,776 $1,364 $1,474 4-yr public $4,739 $11,003 $877 $6,113 $1,097 $1,673 $6,356 $1,382 $1,883 4-yr private $19,455 $917 $7,112 $963 $1,423 $6,600 $1,290 $1,868 Midwest 2-yr public $2,831 $3,549 $ $5,335 $1,272 $1,608 4-yr public $7,075 $10,048 $828 $6,399 $793 $1,850 $6,201 $1,122 $2,089 4-yr private $20,793 $938 $6,967 $709 $1,204 $6,229 $1,131 $1,831 Southwest 2-yr public $1,702 $3,028 $ $1,380 $1,571 4-yr public $5,462 $7,300 $918 $6,045 $1,226 $1,932 $5,992 $1,594 $2,059 4-yr private $18,280 $935 $6,558 $925 $1,396 $5,812 $1,210 $1,498 West 2-yr public $1,309 $4,603 $ $7,269 $1,010 $2,024 4-yr public $4,646 $10,526 $1,187 $8,753 $930 $1,905 $8,417 $1,212 $2,199 4-yr private $21,765 $1,073 $8,409 $707 $1,656 $7,568 $975 $1,651 Other Costs * The average out-of-state tuition and fee charges are computed as the sum of the enrollment-weighted average in-state tuition and fees plus the average out-of-state premium, weighted by full-time out-of-state enrollments in each institution. ** Room and board costs for commuter students are average estimated living expenses for students living off campus but not with parents as reported by institutions in the Annual Survey of Colleges. Source: Annual Survey of Colleges, The College Board, New York, NY. Dashes indicate that the sample was too small to provide meaningful information. The total budgets students must cover with a combination of student and family resources, student aid, and employment are similar for residential students and commuter students not living with their parents. Average institutional estimates of the annual cost of books and supplies range from $755 at public two-year colleges in the Southwest to $1,187 at public four-year colleges in the West. The $9,947 national average out-of-state charge for nonresidents enrolled in four-year public colleges reflects a 30 percent increase from , resulting in an increase in total published tuition and fees of about 20 percent for these students. (Trends in College Pricing, 2005) 14 Trends in Higher Education Series

15 Net Price: Private Colleges and Universities Figure 8a: Net Price: Published Tuition and Fee Charges Compared to Tuition and Fees After Average Grant and Education Tax Benefits Per Full-Time Undergraduate Student, Private Colleges and Universities, in Constant (2006) Dollars, to $35,000 Constant (2006) Dollars $30,000 $25,000 $20,000 $15,000 $5,000 $16,840 $10, $20,000 $12, $22, $13,200 TUITION AND FEES (CONSTANT DOLLARS) NET TUITION AND FEES (CONSTANT DOLLARS) Figure 8b: Published Tuition, Fee, Room, and Board (TFRB) Charges Compared to TFRB After Average Grant and Education Tax Benefits Per Full-Time Undergraduate Student, Private Colleges and Universities, in Constant (2006) Dollars, to Constant (2006) Dollars $35,000 $30,000 $25,000 $20,000 $15,000 $5,000 $23,800 $17, $27,400 $19, $30, $21,400 TFRB (CONSTANT DOLLARS) NET TFRB (CONSTANT DOLLARS) Note: Grant aid for is estimated based on data. Detailed data for Figures 8a and 8b are available at collegeboard.com/trends. Average net price is calculated by subtracting average grant aid and tax benefits per full-time student from the published price. Average aid is calculated by dividing total grants and tax benefits received by full-time students in private four-year colleges by full-time enrollments in the sector. On average, full-time students enrolled in private colleges and universities receive about $9,000 in grants and tax benefits from the federal government, state governments, institutions, and private sources. This aid reduces the average tuition and fees paid from the published price of $22,218 to a net price of about $13,200. Not apparent in the average net prices illustrated here is the reality that both federal education tax benefits and the changing distribution of state and institutional grant aid have reduced the average net price for middleand upper-income students relative to the net price for lower-income students. (See Figure 9b.) Average net tuition and fees at private four-year colleges have increased at an average rate of about 2.4 percent per year in inflation-adjusted dollars over the past decade. Net tuition, fee, room, and board charges have increased at an average rate of about 2.1 percent per year. On average, grants from all sources plus federal tax credits and deductions cover about 40 percent of published tuition and fees and 30 percent of published tuition, fee, room, and board charges for full-time private college students. The average $5,700 per student in institutional grant aid received by full-time students enrolled in private four-year colleges and universities constitutes 70 percent of their grant aid. Trends in College Pricing

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